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Balfour plans Denver complex for upscale seniors wanting urban living

By John Mossman The Denver Post

Posted:
03/25/2013 06:47:25 PM MDT

Updated:
03/26/2013 12:30:18 PM MDT

The Moffat depot, adjoining 15th Street just west of the railroad underpass, serves as a reminder of the Central Platte Valley's historic role as a rail yard. The development at 15th and Little Raven streets will feature two buildings attached to the old Moffat train depot, which will serve as the community room for the complex. (Denver Post file)

Developer Michael Schonbrun is photographed in front of the historic Moffat rail depot, which will be part of a $74 million senior living community in Denver's Riverfront Park to be built by Balfour Senior Living. (Helen H. Richardson, The Denver Post)

Most people think of downtown residents as young professionals seeking to be close to the action, but one developer of senior housing believes the desire for an urban lifestyle cuts across age groups.

Louisville-based Balfour Senior Living is building a $74 million community in Denver's Riverfront Park, catering to upscale seniors who want to live in an urban setting.

The development at 15th and Little Raven streets will feature two buildings — one of them five stories, the other three stories — which will be attached to the old Moffat train depot, a historic structure that will be renovated and serve as the community room for the complex.

The 205 units will be split among independent living, assisted living and memory care.

Construction of the project, called Balfour at Riverfront Park, has begun, with completion expected by late summer of 2014.

"Colorado has a new generation of seniors who want to enjoy downtown Denver's dynamic urban lifestyle," said Michael Schonbrun, founder and CEO of Balfour. "Until now, seniors have had few options for upscale downtown living."

The 112 independent-living units will include 28 units that are required to be affordable in accordance with city policy.

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Otherwise, rates for independent living are expected to range from $3,500 to $8,000 per month. Assisted living and memory care apartments will be in a similar price range.

Although Schonbrun admits there are few proven projects of this type around the country, he is confident there will be demand for the units, saying more and more people near 70 "want to be where the action is. I've heard lawyers and bankers and other friends of mine say how much they'd love to retire to a decent place downtown. We think the time is right."

Cliff Young, associate dean of faculty and professor of marketing at the University of Colorado Denver, agrees.

"Look at the success downtown Denver has had in loft living. It's not just young professionals coming to live there; some are empty-nesters who no longer want to worry about maintaining their property."

Researchers with the National Investment Center for the Seniors Housing & Care Industry say Denver is "one of the more dynamic senior housing markets in the country" that has seen a fair amount of construction and has effectively absorbed those units over time.

Mark Lee Levine, a professor in the Burns School of Real Estate and Construction at the University of Denver, notes that with 8,000 baby boomers turning 65 every day for the next 18 years, the demand for senior housing is clear. But Levine suggests it might be more practical to build communities near outlying shopping centers, with access to facilities that seniors use.

Schonbrun said the development's park-like setting will give residents easy access to restaurants, cultural events, entertainment and sports venues. Because there will be few parking spaces, Schonbrun plans to have town cars circulating to take residents shopping at Cherry Creek mall and Tattered Cover, to theatrical performances or to games at Coors Field and Pepsi Center.